In real estate the time proven adage “location, location, location” holds true when purchasing a condo. Obviously there are many other factors to also consider. The size of the unit which diminishes as you get closer to the downtown core. Does the unit include a parking spot and locker. Condos with “north exposure” do not get sunlight. How close is the condo to the elevator. What are the condo fees and what is included in same. Are there amenities that you do not require which contribute to these fees. How old is the building and how well maintained over the years. What floor is the unit on …. too high or too low. Is there a balcony. What is the view from the unit. Is the surrounding area static or is there about to be new construction encroaching on the building. What is the owner versus tenant percentages which actually occupy the building. Are there any major refurbishments requiring a special assessment to the condo owners. Are pets allowed in the building. How close is the condo to the subway and TTC routes. Is there much, if any, sound that can be heard from the adjacent units. How close is the condo to restaurants, shopping and grocery stores. Yes location, location, location is paramount in any property purchase but condos have many dynamics which factor into the decision. That decision should always factor in the importance of resale!
Is there an ideal floor to buy on? I have a friend with a condo in Liberty Village. And I guess I’m wondering if it’s just a status thing to have a higher floor, or does it matter?
WOW that is an interesting question!
There is a myriad of factors that determine a Buyers choice on floor level in a condo. Generally speaking the view and the potential construction of future developments weigh heavily in this decision! 
This should be paramount in any condo purchase but a higher elevation may be a better option …. why else live downtown!!
I recently sold a condo in a complex where there were many for sale. Mine sold for much more and faster than those on other levels simply because mine was on the top floor. We had a better view, but what we loved about it was that there was no one above us which cut down on the noise factor. The one thing that will keep me away from condos in the future is the monthly fee as while I does pay for amenities and such, this is something that you do not see back.
In my case, I am very particular on the floor level. I would prefer a bit more elevated floor level. The area where I am in right now is very prone to floods. I have experienced numerous floods in my previous properties. I’ve learned my lesson and I don’t want to go through with what I did before.
So I was curious on your thoughts for an acceptable amount of money to have in a reserve fund when you are looking at purchasing a condo. How much is enough? DOes it matter if it is a complex with multiple buildings of townhouses, or an apartment style building?
This is a very complex question.
The reserve fund is based on a statistcal analysis of a building’s performance and maintenance over it’s physical lifetime historically.
This fund is tabulated and projected into the future for the building’s maintenace and mechanical upgrades. The projections are analysed constantly based on the actual realized expenses – compared to the projections. The condo fees for the building are designed to satisfy current operating costs and future requirements based on anticipated wear and tear.
The realized expenses for a specific building may affect the anticipated expenses from the actual engineers – accountants – historical projections. In extreme situations there is a levy on the condo owners to satisfy any deficiencies in the way of a Special Assessment to the condo owners. You will want to ascertain if there is a Special Assessment in place or anticipated on the condominium which you may be considering to purchase.
However in most cases, minor variations in the projections are normally determined with the annual performance reports which should allow the Board of Directors to adjust the annual budget in anticipation of costs to be incurred though.
When you purchase a condo …. one of the documents you will receive is the most current Financial Statements for the building which your lawyer will review with you.
This should address any concerns that you may have on the reserve fund.
Also you will get an impression the building’s integrity and the Property Management Company when you visit same, which may give you some solace!
location, location, location! So true, yet so overlooked.
Certainly a very comprehensive list of important questions to remember to ask, or find out about, when interested in purchasing a condo.
Too much street noise can really impact your quality of life. I had an ideal apartment in a prime location, but I could never get used to the street noise. I often had music playing to try to cover it up.
Fortunately, I was just renting at the time. I know now I would never buy a property with so much noise.